| Banking clients want better integration |
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| Tuesday, 13 November 2007 | |
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A new pan-European survey reveals that consumers want banks to concentrate on better connections between web and branch.
New research by Fujitsu Services into the experiences of 2,500 retail financial services customers across Europe suggests that investments by financial services organisations in pilot mobile banking services could be missing the mark. The survey has found that what customers really want is the convenience and choice of the web, integrated seamlessly with face-to-face contact in high street branches. When receiving support, the majority (65 per cent) said that they now prefer online, with face-to-face contact in a branch (53 per cent) a close second. Call centre contact over the phone was third choice at 43 per cent, while mobile services (Internet or SMS) came bottom of the list at just 5 per cent. Not only are the web and branch the most preferred options, but there is also a strong desire that the experience should not fall down between the two. Easy to use “Although much has been said in recent years about the importance of multi-channel integration, the survey suggests that integration is most critical between the two most used channels – internet and branch. The other channels are important, and standards of service need to remain high, but there is less of an imperative for them to work with each other,” explains Andy Stewart, European strategy director for financial services at Fujitsu Services. The research - carried out by TNS using focus groups and surveys in Britain, France, Germany, the Netherlands, Spain and Sweden – also suggests that technology driven services that are easy to use are even more important to the overall customer experience than security. When asked about what inspired their loyalty, 37 per cent of all respondents said that a good experience of automated services was most important, with less than half that number (18 per cent) citing security of personal details as the chief factor. “Offering self-service options is no longer a differentiator. It is expected by all types of customers,” Stewart continues. “It is also expected to be easy and convenient. If online self-service doesn’t deliver, then the consumer actually gets more frustrated and disappointed than if the option wasn’t there at all.” Range of products The results of the customer survey were also used as the basis for interviews with senior executives at nine financial services companies across Europe. While customers placed value for money (43 per cent) and customer service (41 per cent) at the top of their wish lists, financial service providers believe that the range of products and the number of products that the customer has with one provider have the biggest impact on their customers’ loyalty. Customers disagree, however, as the range of products scored as their joint lowest priority, important for 11 per cent of respondents, along with brand reputation and provision of product information. The survey also found that age, gender and income have a minimal effect on customer attitudes to financial services. There was a high degree of consistency among age groups, sexes and income levels on a variety of areas. For example, the profile of the purchase process was very similar with the age groups at the extreme ends of the market (18-25 and 50+) requiring most support during the ‘purchase decision’ phase. The older group was more likely to require no support during the entire process. There was also no distinction between age or income in terms of loyalty drivers – all age and income groups agreed that value for money and customer service were the key drivers. Related articles
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